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Special Report

Employment Research Brief

January 2022

Labor Market Tightens Further, Fostering Upward Pressure on Wages, Interest Rates

In rare feat, unemployment drops below 4 percent. Employers added 199,000 personnel to payrolls in December, below the 2021 monthly average of 537,000 jobs, while the unemployment rate fell 30 basis points to 3.9 percent. Of the past 22 years, fewer than three have been spent with sub-4 percent unemployment.

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